Whale Alert, a cryptocurrency transaction monitoring platform, reported a transfer of 97 million Dogecoin (DOGE), equivalent to $7.2 million, from the Robinhood exchange to an undisclosed wallet.
Recent DOGE transfers
Over the past month, significant amounts of DOGE have been transferred between various wallets and exchanges, drawing attention to the meme coin’s activity.
On October 25, 350 million DOGE, valued at $23.4 million, was sent from an unknown wallet to Robinhood.
A few days earlier, on October 23, 83.3 million DOGE (worth $5.3 million) was moved from Robinhood to another undisclosed address.
This is not an isolated phenomenon. Earlier in the month, on October 16, another 110 million DOGE ($6.6 million) was transferred from an unknown source to Coinbase.
These transactions suggest active trading and possibly strategic accumulation or distribution by certain entities.
Dogecoin price rise
Dogecoin price is up 8.7% in the last 24 hours. This rise in Dogecoin and its meme coin, Shiba Inu, indicates a trend in which cryptocurrency traders are making increasingly risky bets, especially in light of Bitcoin’s recent outperformance.
Speculation has long been rife about the possibility of the X platform adding DOGE as a payment option, as X CEO Elon Musk has repeatedly expressed his fondness for the meme cryptocurrency in the past. However, it remains to be seen whether issues of this type will be added.
Despite these gains, it is worth noting that both DOGE and Shiba Inu have lagged somewhat behind other major cryptocurrencies over the past month.
